Younger Lee Takes New Role
As Monetary Authority Chief

SINGAPORE -- A shake-up in Singapore's financial sector will greatly expand the powers of Deputy Prime Minister Lee Hsien Loong and leave the republic's de facto central bank with a new chief.

Mr. Lee, the 45-year-old son of Senior Minister Lee Kuan Yew, will become chairman of the Monetary Authority of Singapore, taking over from Finance Minister Richard Hu at the start of the year. Mr. Hu, 71, retains his finance post. A statement...